What level of liability exposure does business form create

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Reference no: EM132042473

Business Form

Assume you will start a new restaurant and rent space for your business in a strip mall or 3-story office building in Fairfax County, Virginia. Pick a name for your business consistent with your business form. Review the chapter 14-15 material and and would like to start a Limited Liability Company (LLC). Assume you will be an owner and an employee of your business. Explain the following:

1. What business form you have selected and why.

2. What level of liability exposure does your business form create?

3. Explain the legal name for you as the owner based on your business form (Partner, Member, Shareholder, etc.).

4. As an employee, what will your role be (President, CEO, Vice President, Manager, etc.)?

5. How many employees will you have and what will your employees do?

6. Explain one Federal statute that we covered in class that your business must follow and why.

Contracts:

Draft one contract clause that relates to a specific area of your business and is essential for your business to operate. (Hint: Think of what type of contracts a business like yours might have and then draft it in your own words). Make sure your contract has all the necessary components for binding contracts. Explain:

(1) who is meant to sign this contract;

(2) what the importance of this contract is, and;

(3) what legal protections it gives your business.

Use your own words. Do not copy or paste from any source.

Discrimination:

Draft 2 guidelines for your Human Resource department to follow and explain how these guidelines prevent discrimination for protected classes. One guideline should address a policy for hiring, another for firing an employee.

Ethics

Your business has expanded overseas to the country of Belai. During a visit to your overseas location you find out for the first time that children, ages 10 and under, are working for you. You know child labor is against the law in the United States, but it is completely legal in Belai where your business is operating. Replacing the children with adults, would cost twice as much. What ethical issues does this raise for you and how will your business go about solving them?

Reference no: EM132042473

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